Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-03-25
THE DEBT com MISSION.
Proposition from the Bondhoiders-
Senator McCormick's Reso-
luton.

luton.
Governor Lee in his message TO the
General Assembly when it convened in
extra session on the 10th instant recon-.
mended, as he had done in former
message, the appointment of com
mission whose duty 1T shall be TO
demonstrate to a similar commission
from the bondholders the exact figures
which make up the State revenues and
expenditures, and point ont not only
what is the available revenue after pro-
yiding for the constitutional approprla-
tons for government, schools, and other
public expenditures, but demonstrates
to them what revenues remain after
the annual Legislative appropriations,
and which are not included in constitu-
tional appropriations The recommen-
dation has been much discussed and is
generally commended.
THE BoNDHoLDEBs HEARD FROM.
Governor Lee yesterday received the
following cablegram from the chair
man of the Council of Foreign Bond
holders at London, a copy of which he
at once transmitted to each branch Of
the General Assembly:
Governor Lee, Richmond, Va:
The committee win appoint commission TO
go 10 Virginia 10 confer with representatives OF
the State fer the settlement OF tho debt on re-
ceiying your assurance that the basis OF any
agreement which may be arrived at shall be
available revenue as mutually agreed, after
competent and independent investigation. IL
the Legislature will empower the government
10 consent 20 this basis OF compromise / shall
be glad Of your intimation accordingly by
cable. B0UYEBlB, CHAIRMAN.
The communication was laid on the
table.
A representative of the Dispatch
called to see the Governor yesterday
afternoon and asked him what con-
struction he placed on the cablegram p?
He declined to give expression to any
opinion.
THE COMMISSION.
Soon after the communication from
the Executive was read III the Senate
Mr.. Mccormick offered the following !:
PoIsTMENT OF A COMMISSION TO CONFER WITH
THE PUBLIC CREDITORS AND TO DEFINE THE
POWERS OF SAID COMMISSION.
Whereas the funding acts Of 1871 and 1879 re-
spectivey not only compounded interest, but
also omitted 10 credit certain payments made
by the State on her debt between 1851 and the
date of said acts respectively; and whereas
subsequent investigation warrants the belief
that the said funding acts were based upon
computations which place tho debt large
ly IN excess Of the amount which the
Commonwealth then honestly owed and
whereas after years OF agitation the
people Of Virginia have accepted the act OF
February II, 1882, popularity known as the KID
dleberger bill, "a the ultimate settlement OF
the debt Of this State: and whereas IL Is their
unalterable purpose to make that settlement
final, and any expectation that any settlement
Of the debt Of this State upon any other basis
Is absolutely illusory and hopeless, and Will
not be tolerated by the people OF the state
and whereas IL IL believed that the interest OF
the public creditors, a. well rs tho welfare and
safety OF the State, require that this settle
ment shall be accepted by the creditors as
well "a by the State; and whereas IL Is not be-
lieyed that the bona lids holders OF the bonds
Of the Commonwealth would ask the State
to pay more than she honestly owes, but would.
Il they understood the Justice and equity OF
that settlement and the prevailing sentiment
In the State. readily accept its provisions; and
whereas there is reason 70 believe that the pub
lie creditor distrusts the accuracy OF that SET
Element, owing, as II Is believed 10 the fact that
they do not understand the computation by
which the result was reached; and whereas II
is believed that fair and disp9ssionate expls-
nation Of the settlement OF 1879, IL made under
aud by authority OF the General Assembly, VIII
in large measure remove the opposition OF
the creditors 10 the acceptance OF that settle-
ment therefore be II
Resolrsd by the Senate the House OF Delegates
concuTing), That the Governor be, and he Is.
hereby requested TO appoint three discreet aud
impartial citizens OF this State, whose duty IL
shall be, after carefully informing themselves
OF the provisions OF tho funding act OF 1882. 10
invite the bona ride holders OF the bonds OF the
State issued under the funding acts OF 1871 and
1879. or such representative as such holders
may appoint, 10 meet them In the city OF
Richnond at such time as they may agree
upon, and to explain TO such creditors the pro-
Visions Of the said funding act OF 1852, the fair
ness and Justice Of said settlement, the reasons
that led 10 its passage and acceptance, and TO
urge upon them an acquiescenco In said settle
ment, and the funding OF their securities I'M
der its provisions, and TO use such other proper
and legitimate influences as they can TO ac-
complish the purpose OF their appointment
And If the creditors or their representatives
shall submit any proposition or PROPOSE
lions looking 10 settlement or the
public debt upon any basis other than the
terms Of the settlement OF February IL, 1882.
the said commission shall receive the same and
submit 10 10 the Governor, but they shall have
no power either 10 accept or reject any such
proposition. The said commission shall make
q full report 10 the Governor OF their action
under this resolution, with such recommends
tons and legislation as In their judgment may
be necessary TO carry out the general purpose
Of the said funding act Of 1882, and the con-
illusions arrived at in the conference between
them and tho creditors. And the Governor
shall transmit 10 the General Assembly at its
next session the report of the said commission,
together with such suggestions and recon-
mendatiOns as they may make.
Mr.. Mccormick moved to suspend
the rules requiring the resolution to lie
over one day, but, there being objec-
tions, he withdrew his motion. The
resolution was ordered to be printed.